As per section 139(1) with the Taxes Act, 1961 in the nation, individuals whose total income in the previous year exceeds exactly what not chargeable to tax, should file their taxes returns (ITR).
The entire process of electronically filing taxes returns is called e-filing. Either seek specialist help or file your returns yourself from the comfort of your house by registering on the taxes department website or other websites. The deadline day for filing taxation statements (physical or online), is July 31st.
Who should e-file taxes returns?
Online filing of taxation statements is easy and can be made by most assesses.
Assesse having a total income of Rs. 5 Lakhs and above.
Individual/HUF resident with assets located outside India.
An assesse forced to furnish a report of audit specified under sections 10(23C) (IV), 10(23C) (v), 10(23C) (VI), 10(23C) (via), 10A, 12A (1) (b), 44AB, 80IA, 80IB, 80IC, 80ID, 80JJAA, 80LA, 92E or 115JB with the Act.
Assesse forced to give a notice under Section 11(2) (a) towards the assessing officer.
A firm (which will not belong to the provisions of section 44AB), AOP, BOI, Artificial Juridical Person, Cooperative Society and Local Authority (ITR 5).
An assesse forced to furnish returns U/S 139 (4B) (ITR 7).
A resident who’s signing authority in any account located outside India.
A one who claims relief under sections 90 or 90A or deductions under section 91.
All companies.
Checklist for e-Filing IT Returns
There are a few prerequisites to filing your taxation statements smoothly and effectively. Major points have already been highlighted below.
How to select the right form to file your taxes electronically
The different categories of income tax e filing and who they really are created for are tabulated below.
1. ITR-1
Also known as SAHAJ, works with income of somebody with salary or pension or income derived from one of house property or other sources (taking out lotteries or race horses)
2. ITR-2
Income other than ‘Profits and gains of economic or profession’
3. ITR-3
Income from ‘Profits and gains of economic or profession’
4. ITR-4S
For presumptive taxation scheme under Section 44AD/44AE
5. ITR-4
For proprietary business or profession
6. ITR-5
For entities as being a firm, LLP, AOP, BOI, artificial juridical person, co-operative society and local authority.
7. ITR-6
Applicable to companies other than the ones which claim a deduction under section 11
8. ITR-7
Applicable to all entities who should furnish a return of greenbacks under Section 139(4A), 139 (4B), 139(4C) or 139(4B)
ITR-V The acknowledgement type of filing a return of greenbacks
Check your tax credit – Form 26AS vs. Form 16
Claim 80G, savings certificates and also other deductions
Interest statement – Interest on savings accounts and glued deposits
In accessory the aforementioned, contain the following taking place.
1. Last year’s taxation statements
2. Bank statements
3. TDS (Tax Deducted at Source) certificates
4. Profit and Loss (P&L) Account Statement, Balance Sheet and Audit Reports, if applicable
Ensure your system provides you with the below.
Java Runtime Environment Version 7 Update 6 or over
Set of Required Documents for e-filing of taxation statements
It is always good to remain one step ahead, specially when you are looking at tax filing. The checklist provided below will help you to start the e-filing of taxation statements.
General details:
Bank account details
PAN Number
Reporting salary income
Reporting House Property income
Reporting capital gains
Reporting other income
Taxes Return Payment date:
Generally, the deadline day for filing Taxes Return (ITR) for Hindu Undivided Family (HUF)/ Individuals/ AOP (Association of Persons)/ BOI (Body of people) is 31st July with the next Financial Year. For example – The ITR deadline day for Financial Year 2016-17 would be 31st July, 2017.
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